Detsky Mir-Centre, a leading retailer of goods for children, will sell a 25 percent plus one share stake to the country's top bank Sberbank for 3.42 billion rubles ($114 million), the company said on Monday following its extraordinary shareholders' meeting.
The 743 newly issued shares of Detsky Mir-Centre will be sold at about 4.6 million rubles ($153,330) per ordinary share.
Detsky Mir-Centre also said that Sberbank would sign several agreements with the retailer's core owner, AFK Sistema.
"The structure of the deal which is now being discussed provides for Sberbank of Russia's right to sell the company shares to AFK Sistema," Detsky Mir said. The deal is expected to be closed by the end of the year.
MOSCOW, November 8 (RIA Novosti)
